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| News for property casualty insurers |
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| Industry Trends | | |
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- A central strategy is needed to save AIG, says Greenberg
Maurice "Hank" Greenberg, former CEO of American International Group, said the firm is headed for a breakup unless current management quickly devises and puts into action a unified central recovery plan. "You can't hold [together] an organization that is drifting in the way it is," he said. "It can be fixed now. I don't know if that will be true in two to three months from now." Greenberg said AIG leaders are working at cross purposes. Reuters
(12/4)      
- Texas study links cameras at intersections with reduced crashes
Last month's Texas Department of Transportation report revealed that overall collisions fell when red-light cameras were installed at intersections. The study showed that crashes declined by 30% at intersections selected for its sample. "While these results cannot conclusively determine that red light cameras are responsible for the overall reduction in crashes," the report pointed out, "the presence of the treatment provided some effect on the frequency of crashes at the selected intersections for the limited time period of this analysis." Insurance Journal
(12/4)
- The "Four R's" will be insurers' challenges in 2009
Tower Group, an insurance industry think tank, expects the sector to be shaped by the "Four R's" in 2009. Risk, revenue, regulation, and retirement will present unique dilemmas for the industry, the company said. These factors will force insurers to adopt new skills and business discipline to survive and thrive. Insurance Journal
(12/4)
- Hartford to lay out financial strategy at meeting
Hartford Financial Services Group Inc. plans to unveil its strategy to maintain its capital levels and manage its variable annuity business. Industry analysts have expressed concern over companies maintaining enough capital while managing their balance-sheet risk. Industry analysts are anxious to see what Hartford puts on the table. CNNMoney.com/Associated Press
(12/5)
| Federal Advocacy | | |
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- Dodd, Frank may block Paulson from remaining TARP funds
Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass., say they may not give Treasury Secretary Henry Paulson the remaining $350 billion from the economic rescue fund. "I would be a very hard person to convince that this crowd deserves to have their hands on the next $350 billion," Dodd said in reference to the Bush administration. "I am through with giving this crowd money to play with." Bloomberg
(12/5)
| Commercial Lines | | |
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- Ind. floods caused by rain, not faulty dams
A U.S. Geological Survey report pointed out that more than 10 inches of rain in a localized area caused massive flooding in a portion of Indiana in early June, not dam failure. The USGS detailed the rain's effects and illustrated its severity using maps, charts and rainfall data. A local official said the USGS study ruled out the possibility of a "smoking gun" and proved the flooding came from heavy rainfall. Insurance Journal
(12/4)
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